So much will be determined by your financial standing and the equity in your current home. I have an awesome mortgage professional who specializes in this area so if you would like to discuss your particular situation please feel free to contact me at your convenience.
Not all lenders are sticking to the Fannie, Freddie, FHA, USDA guildlines and are alloing buyers to rent out their underwater homes and buy another one.
However, there are a few things you must do.
Contact me and I'll tell you how to prepare
Dawn Van Dyke
Keller Williams Realty